Accurate simulation of the time evolution of a quantum system under the influence of an environment is critical to making accurate predictions in chemistry, condensed-matter physics, and materials sciences. Whereas there has been a recent surge in interest in quantum algorithms for the prediction of nonunitary time evolution in quantum systems, few studies offer a direct quantum analog to the Lindblad equation. Here, we present a quantum algorithm—utilizing a decomposition of nonunitary operators approach—that models dynamic processes via the unraveled Lindblad equation. This algorithm is employed to probe both a two-level system in an amplitude damping channel as well as the transverse field Ising model in a variety of parameter regimes; the resulting population dynamics demonstrate excellent agreement with classical simulation, showing the promise of predicting population dynamics utilizing quantum devices for a variety of important systems in molecular energy transport, quantum optics, and other open quantum systems.